Hyundai Motor and General Motors are serious about developing flying cars. While Hyundai is optimistic to have the air taxi service to be operational in 2025, General Motor said it will take another nine years for their air taxi service to be a reality.

“Hyundai is ahead of the schedule for air mobility vehicle launches," Hyundai's global chief operating officer, Jose Munoz, said in an interview broadcast on Monday at the Reuters Events Car of the Future conference.

Munoz, who is also CEO of Hyundai North America, previously said urban air taxis would operate at major US airports in 2028 and possibly earlier. He told Reuters on Monday that it might be before 2025.

"We see this market as a significant growth opportunity," Jose Munoz said, adding that he was "very confident" in the development of the technology.

Hyundai is developing an electric battery-powered air taxi that can transport five to six people from the heavily congested city center to the airport. Hyundai has a dedicated Urban Air Mobility Division led by Jaiwon Shin, a former NASA engineer. The Korean carmaker has already pledged to invest about $1.5 billion in urban air mobility by 2025.

General Motors had showcased a futuristic flying Cadillac, a self-driving vehicle which takes off and lands vertically and carries the passenger above the streets and through the air, in January during CES 2021 event.

"I think there's a long way to go here," said Pamela Fletcher, vice president of GM's Global Innovation team, at the Reuters event . "2030 is probably a real commercial turning point."

"This is a very new space. There is a lot of work to be done on the regulatory side, as well as the actual technology side."

Other automakers developing flying cars, either alone or with start-ups, include Toyota, Daimler AG and Geely Automobile Holdings.

Zero-emissions aircraft, which take off and land like helicopters and carry both passengers and cargo, are being developed by a number of start-ups as well as aircraft manufacturers and car manufacturers. However, they face a long road to profitability.

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Toyota is exploring a new flight path creating Flying Cars for mobility through a new collaboration with Joby Aviation (Joby), an aerospace company that is developing and commercializing all-electric vertical take-off and landing (eVTOL) aircraft to enable the deployment of fast, quiet and affordable air transportation services. The collaboration reflects Toyota's recognition of the long-term potential of the urban air mobility market to meet the evolving needs of society, as well as Joby's position as an industry leader in working to deliver safe and affordable air travel to everyone. This electric flying car to be called Skydrive.

"Air transportation has been a long-term goal for Toyota, and while we continue our work in the automobile business, this agreement sets our sights to the sky," said Toyota Motor Corporation President and CEO Akio Toyoda. As the lead investor in Joby's $590M Series C financing, Toyota is continuing to leverage emerging technologies to provide "Mobility for All." In addition to investing price of $394M in Joby Skydrive, Toyota will share its expertise in manufacturing, quality and cost controls for the development and production of Joby Aviation's breakthrough eVTOL aircraft.

Automotive Meets Aviation

Toyota is embracing emerging technologies as it transforms into a mobility company that is better equipped to meet the unique mobility needs of individuals everywhere. Toyota's new collaboration with Joby Aviation to make Skydrive Flying car is anticipated to help bring urban on-demand air transportation into the mainstream and initiate a new category of moving people and goods.

It is anticipated that eVTOLs will help to create new mobility services with the potential to help alleviate persistent mobility challenges. Those challenges include traffic congestion in urban areas, increased environmental burden and the lack of transportation in underpopulated areas, among others.

Joby is a leader in the development of eVTOL aircraft which combines elements of helicopters and small airplanes, offering benefits that include high reliability, zero emissions, fast flight speeds, and quiet operations. The aircraft (Flying cars) also offers lower operating costs, lower costs of maintenance, and enhanced safety features.